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Linekong ends flat in debut on HK bourse
Print Edition
SHARES of Linekong Interactive closed flat yesterday in its first trading day in Hong Kong, after the Beijing-based mobile game developer raised HK$720 million (US$92.3 million) in its initial public offering.
Linekong closed at HK$9.80 in the Hong Kong Growth Enterprise Market, in tandem with its IPO price at the low end of the range between HK$9.80 and HK$13.1.
Mobile games have become one of the most popular mobile Internet applications in the Chinese market with more than 1.1 billion phone users who spend a huge amount of time and money on their handsets.
Linekong won market share and a boost to its revenue after it switched focus to booming mobile games from PC client-end games in 2013.
Last year, Linekong’s revenue reached 515 million yuan, almost double its revenue in 2012. In the first half of 2014, the company, whose investors include Baidu.com, generated a revenue of 363 million yuan, up 53 percent year on year.
In the third quarter, China’s mobile game market revenue totaled 7.26 billion yuan (US$1.17 billion), almost double from a year earlier.
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